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Japanese Yen Gives Away Gains Caused by Decline of Asian Stocks

October 25, 2018 at 17:17 by Vladimir Vyun

Stacks of the Japanese yen coinsThe Japanese yen rallied intraday amid risk aversion caused by sell-off of Asian stocks. But the currency retreated later after most of European and US equities logged big gains.

Asian stocks showed big losses today, with Japanese Nikkei 225 losing more than 3% of its value. The market sentiment worsened because of that but recovered as most of the European and US equities gained by more than 1%.

As for macroeconomic data released in Japan today, the Service Producer Price Index rose 1.2% in September, in line with market expectations. The index was rising with a bit faster pace in August — 1.3%.

Released yesterday, the Nikkei Flash Japan Manufacturing PMI rose to 53.1 in October from 52.5 in September. Analysts had expected the index to stay little changed.

USD/JPY rose from 112.24 to 112.57 as of 17:06 GMT today after falling to the low of 111.82 intraday. CHF/JPY was down from 112.48 to 112.11 before bouncing to 112.58. AUD/JPY was up from 79.23 to 79.68, bouncing from the daily low of 78.99.

If you have any questions, comments, or opinions regarding the Japanese Yen, feel free to post them using the commentary form below.

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